Portland Seed Fund has raised its largest fund yet as the firm looks to invest in more startups up and down the west coast.
PSF just closed its third fund, raising $13.9 million, nearly double the size of its second fund and triple the size of its first.
The firm, founded in 2011, is one of the top seed-stage investors in the Pacific Northwest. It typically makes $50,000-to-$100,000 investments and occasionally leads rounds with larger checks. Most of its dollars goes toward follow-on rounds.
PSF focuses on Portland, but has backed companies based in Seattle and the Bay Area.
“We’re excited about Oregon,” said PSF Managing Director Angela Jackson. “We’re benefiting from smart entrepreneurs moving here from other, more expensive locations. There is a constant supply of new talent, and good deal flow, at value prices when compared to other adjacent markets.”
Some of its recent investments include Megh Computing; Wild Friends Foods; Goodwell; Snap2Insight; Zembula; Streem; and NurseGrid. PSF was an early investor in Auth0, the Seattle-based identity authentication startup that recently reached a $1 billion valuation, and backs The Riveter, a Seattle-based co-working company. It also recently put cash behind Node, a sustainable modular home startup.
Most investors in the third fund are based in Oregon. They include the state of Oregon’s Oregon Growth Fund; foundations; angel groups; high-net worth individuals; and families.
Angela Jackson, Jenn Lynch, and Jim Hutson lead PSF. Jackson and Lynch are on our list of 50-plus woman VC and angel investors based in the Pacific Northwest.